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EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT)
today announced that, effective September 24, 2012, it has reduced the
exercise price of certain of its outstanding Common Stock Purchase
Warrants, which were issued pursuant to registered direct offerings in
February 2012 and April 2012, in return for the immediate cash exercise
of all such warrants. Total proceeds to the Company will be
approximately $0.8 million after estimated fees and expenses. The total
of 8.1 million warrants, 5.0 million of which were issued in February
2012 and 3.1 million of which were issued in April 2012, were originally
exercisable for common stock at prices of $0.20 and $0.17 per share,
respectively. The exercise prices were reduced to $0.10 per share for
all of these warrants. Dawson James, Inc. acted as exclusive agent for
the warrant exercise.

As part of the transaction, the Company also agreed to reduce the
conversion prices of the remaining unconverted shares of its Series A
and Series B 0% Convertible Preferred Stock to an effective price of
$0.08 per common share. A total of 236 shares of the Series A Preferred
Stock, having an original conversion price of $0.20 per share, and all
1,065 shares of the Series B Preferred Stock, having an original
conversion price of $0.17 per share, were affected.

The proceeds from this warrant exercise, in addition to the Company’s
current cash, are anticipated to be sufficient to run operations into
the first quarter of 2013.

About EpiCept Corporation

EpiCept is focused on the development and commercialization of
pharmaceutical products for the treatment of pain and cancer. The
Company's pain portfolio includes AmiKet™, a prescription topical
analgesic cream in late-stage clinical development designed to provide
effective long-term relief of pain associated with peripheral
neuropathies. The Company's product Ceplene®, when used
concomitantly with low-dose interleukin-2 (IL-2) is intended as
remission maintenance therapy in the treatment of acute myeloid leukemia
(AML) for adult patients who are in their first complete remission. The
Company sold all of its rights to Ceplene® in Europe and
certain Pacific Rim countries and a portion of its remaining Ceplene®
inventory to Meda AB. Ceplene® is licensed to MegaPharm Ltd.
to market and sell in Israel and EpiCept has retained its rights to
Ceplene® in all other countries, including countries in North
and South America. The Company has other oncology drug candidates in
clinical development that were discovered using in-house technology and
have been shown to act as vascular disruption agents in a variety of
solid tumors.

Forward-Looking Statements

This news release and any oral statements made with respect to the
information contained in this news release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include statements
which express plans, anticipation, intent, contingency, goals, targets,
future development and are otherwise not statements of historical fact.
These statements are based on our current expectations and are subject
to risks and uncertainties that could cause actual results or
developments to be materially different from historical results or from
any future results expressed or implied by such forward-looking
statements. Factors that may cause actual results or developments to
differ materially include: the risks associated with the adequacy of our
existing cash resources and our ability to continue as a going concern,
the risks associated with our ability to continue to meet our
obligations under our existing debt agreements, the risk that Azixa®
will not receive regulatory approval or achieve significant commercial
success, the risk that clinical trials for AmiKet™ or crolibulinTM will
not be successful, the risk that AmiKet™ or crolibulinTM will
not receive regulatory approval or achieve significant commercial
success, the risk that we will not be able to find a partner to help
conduct the Phase III trials for AmiKet™ on attractive terms, a timely
basis or at all, the risk that Ceplene® will not receive
regulatory approval or marketing authorization in the United States or
Canada, the risk that Ceplene® will not achieve significant
commercial success, the risk that our other product candidates that
appeared promising in early research and clinical trials do not
demonstrate safety and/or efficacy in larger-scale or later-stage
clinical trials, the risk that we will not obtain approval to market any
of our product candidates, the risks associated with dependence upon key
personnel, the risks associated with reliance on collaborative partners
and others for further clinical trials, development, manufacturing and
commercialization of our product candidates; the cost, delays and
uncertainties associated with our scientific research, product
development, clinical trials and regulatory approval process; our
history of operating losses since our inception; the highly competitive
nature of our business; risks associated with litigation; and risks
associated with our ability to protect our intellectual property. These
factors and other material risks are more fully discussed in our
periodic reports, including our reports on Forms 8-K, 10-Q and 10-K and
other filings with the U.S. Securities and Exchange Commission. You are
urged to carefully review and consider the disclosures found in our
filings which are available at www.sec.gov
or at www.epicept.com.
You are cautioned not to place undue reliance on any forward-looking
statements, any of which could turn out to be wrong due to inaccurate
assumptions, unknown risks or uncertainties or other risk factors.